About this document
Principles of Economic Choice Explained by Marie-Anne Rabetafika is a document available to read on EtoBox.
The document outlines 12 principles of economics, including: 1) Resources are scarce so choices must be made, 2) Opportunity cost is the true cost of something, 3) Marginal decisions are made based on costs and benefits at the margin, 4) People respond to incentives, 5) There are gains from trade through specialization, 6) Markets move toward equilibrium, 7) Resources should be used efficiently, 8) Markets usually lead to efficiency but government can intervene, 9) One person
- Author
- Marie-Anne Rabetafika
- Language
- EN